Hanoi (VNA) – The gross domestic product (GDP) increased by 2.12 percent in the first nine months and 2.62 percent in the third quarter compared to the same period last year, and both figures are the lowest in the 2011 – 2020 period, the General Statistics Office (GSO) said at a press conference in Hanoi on September 29.

Encouraging global economic growth

According to the GSO, the strong outbreak of COVID-19 around the world has seriously impacted socio-economic aspects in many countries. Big economies are facing the worst recession in many decades.

However, it said, many economies have been reactivated since mid-September, after pandemic-triggered lockdowns were lifted. International organisations predicted a brighter outlook for global economic growth.

GSO General Director Nguyen Thi Huong said global trade and goods prices are rebounding gradually while an upward trend has been seen in stock markets around the world thanks to the easing of policies by several central banks and the gradual reopening of some economies. Capital has been poured into emerging and developing economies, and inflation there has also been kept at a low level.

In particular, although major economies like the United States, Japan and the European Union are still facing an array of difficulties, they are expected to enjoy better growth in the remaining months of 2020 and early 2021. The Chinese economy grew in the second and third quarters, bouncing back from a contraction in the first quarter.

A success amid COVID-19 pandemic

Huong said the complex and unpredictable developments of COVID-19 led to growth slowdown in almost all sectors. Disruptions to international trade affected Vietnam’s production, export, and import activities while resulting in high unemployment and job shortage.

Besides, drought and saltwater intrusion that occurred early have affected crop productivity and output.

Facing that fact, the Government and the Prime Minister have issued timely directions for ministries, sectors and localities to carry out concerted and effective solutions so as to concurrently fight against the pandemic, protect people’s health, prevent an economic recession, and maintain social stability, thereby helping to realise socio-economic development targets for this year, according to the GSO General Director.

She said though the nine-month GDP rise is the lowest rate in 10 years, amid the COVID-19 pandemic’s serious impact on every socio-economic aspect of countries around the world, it is still a big success of Vietnam in the pandemic fight and economic recovery and development.

Between January and September, the agro-forestry-fishery sector increased 1.84 percent, industry – construction 3.08 percent, and services 1.37 percent. They respectively contributed 13.62 percent, 58.35 percent, and 28.03 percent to the overall growth.

Thanks to the coronavirus brought under control and economic activities gradually resumed in the “new normal” status, the country’s GDP in the third quarter expanded at a faster pace (2.62 percent) than in the April – June period (0.39 percent).

In the third quarter, the agro-forestry-fishery sector grew 2.93 percent, industry – construction 2.95 percent, and services 2.75 percent, Huong noted.

Despite complicated developments of the COVID-19 outbreak, the Vietnamese economy still sustained growth, showing the effectiveness of the directions to shore up the economy and combat this pandemic; the resolve and consensus of the whole political system, the Government and the Prime Minister; as well as efforts by people and the business community to concurrently combat the disease and boost socio-economic development, Huong added./.